Abstract

This paper attempts to answer the question, how is fintech regulated in India? The paper first analyses the types of consumer-facing fintech activities that are currently prevalent in India. It identifies fourteen types of consumer-facing fintech activities in India. Together these fourteen types of activities constitute a typology of consumer-facing fintech activities in India. The paper further examines and compares the extent of financial regulation applicable to each fintech activity in the typology. A simple index of regulatory oversight is used to rank each fintech activity according to the financial regulation they attract. These rankings are summarised in a schematic to create the regulatory landscape of consumer-facing fintech activities in India. This regulatory landscape presents the status quo of financial regulation applicable to fintech in India. Clarity of the financial regulation applicable to fintech may help policymakers and regulators assess the appropriateness of their regulatory stance. The paper concludes with a discussion on some ways in which the financial regulator’s toolkit may be recalibrated to address the risks and preserve the opportunities attendant to fintech. Finally, by outlining how fintech is regulated in India, the paper hopes to start a discussion on the more pressing policy imperative of how fintech should be regulated in India.

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